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OXY

Occidental Petroleum

$37.76

-0.36 (-0.94%)

18:38
11/14/19
11/14
18:38
11/14/19
18:38

Judge rejects Icahn's suit seeking Occidental acquisition records, Reuters says

A Delaware court judge determined that activist investor Carl Icahn will not have access to Occidental Petroleum's Anadarko takeover records to support his proxy battle against the company's board, Reuters reports. In his ruling, Vice Chancellor Joseph Slights said that Icahn's complaint against the oil firm "appear to be nothing more than disagreements" with its directors and failed to show how the documents would move his proxy contest forward, the report says. Reference Link

OXY Occidental Petroleum
$37.76

-0.36 (-0.94%)

09/05/19
SUSQ
09/05/19
INITIATION
Target $55
SUSQ
Positive
Occidental Petroleum initiated with a Positive at Susquehanna
Susquehanna analyst Biju Perincheril initiated Occidental Petroleum with a Positive rating and $55.00 price target.
09/12/19
HSBC
09/12/19
UPGRADE
Target $20.5
HSBC
Buy
HSBC upgrades Ecopetrol to Buy with $20.50 price target
HSBC analyst Lilyanna Yang upgraded Ecopetrol (EC) to Buy from Hold with a price target of $20.50, down from $21. The analyst estimates the company's $1.5B joint venture with shale operator Occidental Petroleum (OXY) announced in August to be accretive on a standalone basis and better than initially thought at the time of the announcement. The asset should provide self-funded reserve upside to beyond 160M BOE of proven reserves, Yang tells investors in a research note. Further, the analyst believes the joint venture should help Ecopetrol better understand and de-risk gross resources in Colombia unconventionals.
09/23/19
RHCO
09/23/19
INITIATION
Target $48
RHCO
Hold
Occidental Petroleum initiated with a Hold at SunTrust
SunTrust analyst Neal Dingmann initiated Occidental Petroleum with a Hold rating and a price target of $48. The analyst notes that in the wake of its Anadarko acquisition, the company needs to execute some "key external transactions" to reduce its leverage toward that of its peer group. Dingmann adds that Occidental Petroleum's growth will likely track below that of its peers in the coming quarters to ensure that the company can generate free cash flows and return capital to shareholders.
11/11/19
TUDR
11/11/19
DOWNGRADE
Target $36
TUDR
Sell
Occidental Petroleum downgraded to Sell from Hold at Tudor Pickering
Tudor Pickering analyst Matthew Portillo downgraded Occidental Petroleum to Sell from Hold with a $36 price target. He contends that the "overwhelming amount" of debt and preferred equity issued to guarantee the winning bid for Anadarko Petroleum has put Occidental's balance sheet in an "extremely uncomfortable position." While plans to deconsolidate Western Midstream (WES) will "help optically," he believes Occidental needs $65 per barrel WTI price to achieve less than 2 times leverage by 2022, he stated. Management has said it remains committed to the dividend, but a 50% cut would free up greater than $1.3B of annual cash flow for further debt reduction, Portillo contends.

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